1. Overview

    Baillie Gifford China Growth Trust aims to produce long term capital growth by investing predominantly in shares of, or depositary receipts representing the shares of, Chinese companies.

    Performance & Portfolio

    Periodic Performance

    All figures to 30/09/2021

    1 Year

    3 Years

    5 Years

    10 Years

    Share Price -7.6%26.4%43.1%148.1%
    NAV 2.4%10.1%30.9%118.4%
    Index* -2.8%7.2%33.2%126.6%

    Performance figures appear in GBP. The value of your investment may go down as well as up, and you may not get back the amount you invested.
    NAV is calculated with borrowings deducted at fair value for 1, 3 and 5 years and par value for 10 years.
    *Changed from MSCI AC Asia ex Pacific index to MSCI China All Shares Index on 16/09/20. Data chain-linked from this date to form a single comparative index
    Performance source: Morningstar and relevant underlying index provider, total return.
    Please bear in mind that past performance is not a guide to future performance.


    Discrete Performance

    Annual Performance to 30 September each year

    30/09/2016
    30/09/2017

    30/09/2017
    30/09/2018

    30/09/2018
    30/09/2019

    30/09/2019
    30/09/2020

    30/09/2020
    30/09/2021

    Share Price 11.1%2.0%10.7%23.5%-7.6%
    NAV 11.0%7.1%-0.1%7.7%2.4%
    Index* 14.6%8.4%3.1%7.0%-2.8%

    Performance figures appear in GBP. The value of your investment may go down as well as up, and you may not get back the amount you invested.
    NAV is calculated with borrowings deducted at fair value for 1, 3 and 5 years and par value for 10 years.
    *Changed from MSCI AC Asia ex Pacific index to MSCI China All Shares Index on 16/09/20. Data chain-linked from this date to form a single comparative index.
    Performance source: Morningstar and relevant underlying index provider, total return.
    Please bear in mind that past performance is not a guide to future performance.

    Holdings - 30/09/2021

    Fund %
    1 Tencent 8.5%
    2 Alibaba 6.6%
    3 ByteDance 5.2%
    4 Li Ning 3.9%
    5 Meituan 3.7%
    6 CATL 3.7%
    7 Kweichow Moutai 3.5%
    8 China Merchants Bank 3.2%
    9 Ping An Insurance 2.9%
    10 BeiGene 2.1%
    Total 43.3%

    Meet the Managers

    Sophie Earnshaw

    Sophie joined Baillie Gifford in 2010 and is an Investment Manager in the Emerging Markets and China A-share Teams. She has also been Co-Manager of the China Fund and a member of the International Focus Portfolio Construction Group since 2014. Sophie is a CFA Charter holder. She graduated MA in English Literature from the University of Edinburgh in 2008 and MPhil in Eighteenth Century and Romantic Literature from the University of Cambridge in 2009.

    Roderick Snell

    Roderick joined Baillie Gifford in 2006 and is an Investment Manager in the Emerging Markets Equity Team. He has co-managed the Baillie Gifford Pacific Fund since 2010 and has been Deputy Manager of Pacific Horizon Investment Trust since 2013. Since March 2020, he has also been a co-manager of the Baillie Gifford China Fund. He spent time in the UK and European Equity teams prior to joining the Emerging Markets Equity Team in 2008. Roderick graduated BSc (Hons) in Medical Biology from the University of Edinburgh in 2006.

    How to Invest

    You can invest in our funds via a number of fund platforms and supermarkets, please see the links opposite. Information on the range of funds available through platforms can be found in our Platform Matrix.

    Please note that we do not have the facility for you to invest directly with us in our Investment Trusts and we do not offer ISAs, SIPPS or Share Plans.

    Please also note that we do not have an online service for individual investors.

    Further information on our funds can be found in the relevant Key Investor Information and Prospectus Documents, which are available in English and will be sent to you free of charge on request.

    Baillie Gifford does not sponsor, maintain or have any control over the content of any other websites. Therefore, we are not responsible for the adequacy or accuracy of any of the information you may view, nor do we undertake to ensure successful transmission to any linked website.

    How to Invest

    Getting Financial Advice

    At Baillie Gifford we don’t provide financial advice, but we do try our best to provide you with all the information we think you might need to make investment decisions. Of course, we realise there are occasions when you may want the advice of an expert.

    Using professional financial advice

    An authorised intermediary can give you advice and help on how best to manage your financial affairs based on your circumstances and investment aspirations. They can also help keep track of all your different investment interests, saving you a lot of time and bookkeeping.

    Finding a financial adviser near you

    If you want to use an authorised intermediary, MyLocalAdviser is a website that allows you to search for authorised intermediaries in your area. You can visit their site on www.mylocaladviser.co.uk

    Documents

    You can access any literature about the Fund here, either by downloading or requesting a copy by post (where available). Please note that, due to current government restrictions, we have a limited number of staff in our office. As a result, if posting instructions to us, there may be a delay in processing these due to these current restrictions.

    To download any document you will need Adobe Reader. Please note that we can now provide you with Braille and audio transcriptions of our literature on request. It may take up to 10 days for the transcription to be completed dependent on the size of the document.

    Risks

    Any investment in an investment trust involves risk. You should be aware of the following risks when considering investing.

    Past Performance

    Past performance is not a guide to future performance.

    The value of your investment

    The investment trusts managed by Baillie Gifford & Co Limited are listed UK companies and are not authorised or regulated by the Financial Conduct Authority. The value of their shares, and any income from them, can fall as well as rise and investors may not get back the amount invested.

    Exchange rates

    The Trust invests in overseas securities. Changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up.

    Investing in China

    The Trust invests in China, often through contractual structures that are complex and could be open to challenge, where potential issues with market volatility, political and economic instability including the risk of market shutdown, trading, liquidity, settlement, corporate governance, regulation, legislation and taxation could arise, resulting in a negative impact on the value of your investment.

    Gearing

    The Trust can borrow money to make further investments (sometimes known as “gearing” or “leverage”). The risk is that when this money is repaid by the Trust, the value of the investments may not be enough to cover the borrowing and interest costs, and the Trust will make a loss. If the Trust's investments fall in value, any invested borrowings will increase the amount of this loss.

    Share Buybacks

    The Trust can buy back its own shares. The risks from borrowing, referred to above, are increased when a trust buys back its own shares.

    Liquidity

    Market values for securities which have become difficult to trade may not be readily available and there can be no assurance that any value assigned to such securities will accurately reflect the price the Trust might receive upon their sale.

    Derivatives

    The Trust can make use of derivatives which may impact on its performance.

    Smaller companies

    Investment in smaller companies is generally considered higher risk as changes in their share prices may be greater and the shares may be harder to sell. Smaller companies may do less well in periods of unfavourable economic conditions.

    Single country

    The Trust’s exposure to a single market and currency may increase risk.

    Private Companies

    The Trust's risk could be increased by its investment in private companies. These assets may be more difficult to sell, so changes in their prices may be greater.

    Charges to capital

    The Trust charges 75% of the investment management fee and borrowing costs to capital which reduces the capital value. Also, where income is low, the remaining expenses may be greater than the total income received, meaning the Trust may not pay a dividend and the capital value would be further reduced.

    Income unlikely

    The aim of the Trust is to achieve capital growth and it is unlikely that the Trust will provide a steady, or indeed any, income.

    Tax Rates

    You should note that tax rates and reliefs may change at any time and their value depends on your circumstances.

    Regulation

    The Trust is listed on the London Stock Exchange and is not authorised or regulated by the Financial Conduct Authority.

    Information subject to change

    The information and opinions expressed within this website are subject to change without notice.

    Not Investment Advice

    This information has been issued and approved by Baillie Gifford & Co Limited and does not in any way constitute investment advice.

    Suitability for retail distribution

    Please note that the Company currently conducts its affairs, and intends to continue to conduct its affairs, so that the Company’s ordinary shares can be recommended by Independent Financial Advisers to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream pooled investment products (NMPI). The Company’s ordinary shares are excluded from the FCA’s restrictions which apply to non-mainstream pooled investment products because they are shares in an investment trust.

     

    Disclaimers

    MSCI Disclaimer

    Source: MSCI.  The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.  Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction.  The MSCI information is provided on an ‘as is’ basis and the user of this information assumes the entire risk of any use made of this information.  MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the ‘MSCI Parties’) expressly disclaims all warranties (including, without limitation, any warranties or originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information.  Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages (www.msci.com)